All Forum Posts by: Jon Dorsey

A way, and hard pill to swallow as a landlord, is if it’s ending on bad terms or you think the person is going to vandalize the property is to offer cash-for-keys. It gives the evicted an illusion of power as they got you to pay them to leave but if it saves money on rehabbing the windows, punched holes in walls/doors, and more, plus not worrying about a vengeful evictee, it may be worth it. All I’m saying is you have options. 

It’s your park. Only advise is don’t put in so much that you can’t enforce it all. 

The two year capital gains exemption, $250k single/$500k married, only applies to real estate. Mobile homes are private property. You can make a mobile home into real estate property through affixing it to a permanent foundation, check your state and local laws on how to do this. 

Why couldn’t you keep it and run it from AZ? Do you manage it now or have someone there that assists you?

Without just advertising it, do you have a local REIA group in your area where you could find local investors you could sell it to?

The multipliers of 60 is for private utilizes, like your deal. 

You’re looking at 40-55% expense ratio. 

Yes get it under contract. You need to perform the financial diligence on the park and then assign it to a new seller. 

If you’re looking for a partner in the deal then your choice on whether to continue the physical diligence part because the clock is ticking on your contract.  

What are you trying to do with it, flip it for the $55k or rent out to someone?

Flipping: you better know your market and that you’ll get the $55k. The lot rent will eat any profits in no time. 

Renting: you’ll most likely need to get the manager of the park to approve your tenant first. 

Either case go talk with the park manager and see what you can do to delay lot rent payments or come to another arrangement. 

Does the family member need a lump payment? If not you could just make monthly payments to them as a seller financed deal.

Not necessarily; most bigger ones sit on several parcels. Look at the zoning and talk to the County Zoning office to make sure. 

There is a NADA blue book. There are also some services that will give you an estimate, just search for them. It’s $40 per report.